How much is the doubtful accounts expense

Assignment Help Accounting Basics
Reference no: EM132791725

In preparing the aging of accounts receivable of Liza Inc., the accountant determined that the net realizable value of receivables is 4,000,000 on December 31, 2021. Additional data are as follows:

Accounts Receivable (December 31, 2021) - 4,500,000
Accounts Receivable - Net (December 31, 2020) - 2,000,000
Accounts Receivable (January 1, 2021) - 2,350,000
Accounts written off during 2020 - 100,000

Problem 1: How much is the doubtful accounts expense for 2021?

Reference no: EM132791725

Questions Cloud

How much is the value of notes receivable as of december : How much is the value of notes receivable as of December 31, 2020? On January 1, 2019, Love Co. sold merchandise to Kit Store in exchange for a non-interest
Time value of money-annuities : Suppose you set up a savings plan whereby you will deposit $967 per month into an account earning 0.75% per month compounded monthly.
What are price cuts for medicine : What are price cuts for medicine? What are the advantage and disadvantages of medicines?
From cooperative to coercive federalism : Read the 1990 article "From Cooperative to Coercive Federalism" by John Kincaid
How much is the doubtful accounts expense : How much is the doubtful accounts expense for 2021? In preparing the aging of accounts receivable of Liza Inc., the accountant determined
Describe and analyze the types of power exercised : Choose a documented case of a power struggle from any part of society - economic, political, social, or high-profile personal - where there has a been a conflic
How much is total amount of debit or total amount of credit : How much is the total amount of debit or total amount of credit in the adjusting entry (if there is any) to be made on Dec. 31, 2019?
What are the effects of globalization : What are the effects of globalization and the World Trade Organization (WTO) on Malaysian agriculture?
How much should be reported as accounts receivable : Cha Corporation had accounts receivable, how much should be reported as accounts receivable before the allowance for doubtful accounts?

Reviews

Write a Review

Accounting Basics Questions & Answers

  If fixed costs are 600000 and the selling price per unit

if fixed costs are 600000 and the selling price per unit is160 and the variable cost per unit is 60 what amount of

  What are the differences between IFRS 16 and IAS17

IFRS 16 was issued replacing the earlier leasing standard IAS 17, and will be effective in 2019. What are the differences between IFRS 16 and IAS17

  What is the balance in the common stock account

The following amounts are reported in the ledger of Mariah Company: What is the balance in the Common Stock account

  What is the amount of depletion that should be recorded

Frederick Mining Company owns a large parcel of land which costs $950,000. What is the amount of depletion that should be recorded

  How much interest expense on bonds payable should jr report

No bonds were retired during 2020. How much interest expense on the bonds payable should JR report in its 2020 income statement

  Calculate the cost of goods sold using the fifo

Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December.

  Compute total variable cost of producing one box of chap-off

Compute the total variable cost of producing one box of Chap-Off? What would be the maximum purchase price acceptable to Silven Industries?

  Determine total flexible budget materials variance

Determine the total flexible budget materials variance for pigment. Indicate whether the variance is favorable or unfavorable and determine the materials price variance and indicate whether the variance is favorable (F) or unfavorable (U).

  How internal records would be included in your evaluation

Briefly describe a health care provider of your choice and determine best method(s) to gather and respond to market intelligence on opportunities and threats.

  Smith amp company claims that the relevant range concept

smith amp company claims that the relevant range concept is only important for variable costs. explain the relevant

  List the internal service funds

List the internal service funds? Do the funds appear to be classified appropriately? Are all the funds providing services only within the reporting entity

  What effect does this have on it internal controls

What effect does this have on IT internal controls? How does management and the auditor get comfortable with internal controls when functions are outsourced?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd